Pub. 6 2017 Issue 4

9 w i n t e r | 2017 The convention itself was a remark- able series of events. The presence of 19 past association leaders, the initial energy of the Welcoming Reception, and that gorgeous weather, all made for a great start. Our speakers on both days were highly engaging and most informa- tive. Monday’s Luncheon on the Green was actually held in Heaven, I believe. And the events of the evening celebra- tion were truly memorable. I was as surprised as I was pleased that so many of us went “all in” on the 70s theme. As I left Kingsmill after the conven- tion, I only hoped that the momentary joy and success of the convention could be coupled with something more permanent and satisfying, like real and significant progress in reforming our legislative and regulatory environment. The weeks following the convention did not yield much immediate cause for enthusiasm, but there were signs that the House, the Senate and the admin- istration were all leaning in the right direction. It was clear that there was a core of Senate Democrats who “got it,” and in that there was hope that some- thing meaningful would happen. The bill that was produced, S. 2155, is not perfect. The provision for credit unions is distasteful at best, and several of the limits and thresholds in other sections of the bill should be higher. But it is hard to ignore the fact that, there in writing, are changes to address: • QM for mortgages in portfolio for most community banks • An exemption from Basel III for most community banks • Increases in exemptions for ap- praisals and escrow accounts • Increases in exemptions for expanded HMDA reporting • An exemption from the Volcker Rule • A significant change in the treat - ment of reciprocal deposits • Further advances on short form call reports These are issues that we have been talking about in Washington, DC, ever since I arrived here in 2012, if not before. We’ll be highly engaged, to right- size the bill and to do everything we can to fight the credit union provision, throughout whatever process there is. Please be active with us! We’ll be sure to call on you. On behalf of Katharine and Kelli, we wish you the happiest of holidays - Merry Christmas and Happy New Year! Our committee of bankers and venders were creative in their suggestions, Chairman Alice Frazier provided some key insights, and Katharine built an inviting program that featured a great balance of new and old. M E S S A G E